Indian rupee nudged higher on Friday after the stock market pulled back from a fall, but dropped for the second consecutive week as the dollar notched gains against major currencies. The partially convertible rupee closed at 48.09/10 per dollar, 0.2 percent above 48.21/22 on Thursday, when it dropped as low as 48.32, its weakest since May 18.
"Stocks went up quite significantly today while the euro also has moved up a bit. Overall as long as euro/dollar stays above 1.39, the rupee should stay strong," said Naveen Raghuvanshi, an associate vice president with Development Credit Bank.
The rupee has fallen about 2 percent in June, but is up 8.5 percent from its record low of 52.2 in early March. One-month offshore non-deliverable forward contracts were quoting at 48.25/35, weaker than the onshore spot rate, indicating a bearish outlook in the near term.
Comments
Comments are closed.